The New Urban Communities Authority is preparing to invite a number of real estate developers to compete in a new phase of public-private partnership (PPP) projects, reported Al Borsa News.

The partnership projects on offer seek to develop eight plots of land with a total area of 2,855 acres in four new cities, with estimated investments of EGP 230 billion.

The real estate firms that have been shortlisted for the bid are SODIC, Palm Hills for Development, Mountain View, Emaar Misr, Al Ahly for Real Estate Development, Wadi Degla Developments, Zizinia- ARDIC, Qatari Diar, City Stars for Real Estate Development, Futtaim Group, Porto Holding, and North Africa for Real Estate Development.

Other firms that wish to apply must have experience developing land areas between 100-500 acres, and preference is given to companies that can provide funding in US dollars.

The terms of conditions booklet will be completed by the end of August and will be sent to investors. Plots of land are in Sixth of October City, Sheikh Zayed, New Aswan, and New Damietta.

The bidding is resolved through the highest share of partnership with NUCA, with the lowest development period.

NUCA has a successful track record of partnerships with the private sector, whereby it signed four contracts worth EGP 131 billion for 2,000 acres last year.